Get out your wallet: Here’s how much it costs per year to “thrive” in Toronto

It’s no secret that living in Toronto comes with the downfall of some pricey living costs. Have you ever wondered what it would cost on a single income to be considered “thriving” in the city? Wellesley Institute has put together a “Thriving in the City” report outlining the costs required to reach a state of physical, social and psychological well-being when living in Toronto.

Let’s dive in!

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Costs for the report were identified from research referencing sources including Statistics Canada, the City of Toronto Nutritious Food Basket and market data.

The findings represent a renter of a one-bedroom apartment in the City of Toronto who does not own a car.

According to Wellesley Institute’s findings, “the annual cost of thriving for a single, working-age adult in the GTA is estimated to range between $61,654 and $83,680 after taxes.”

The estimated costs exceed the earnings of a minimum-wage full-time worker making $16.55 per hour working 35 hours per week, which is $25,994 after taxes.

Here’s a breakdown of the highest costs:

Shelter

$21,008 per year

• Rent: $1,750.70 per month
• Equipment: $363
• Furnishings: $768
• Tenant insurance: $203

Savings & debt

$15,483 per year

• General savings: $4,617. 10% of annual expenses less debt.
• Retirement savings: $9,234. 20% of annual expenses less debt. Adjusted upwards from 10% to account for lack of home equity.
• Debt repayment: $1,632. Average re-payable Ontario Student Loan debt at the time of leaving school at the current average interest rate of 2.3%.

Transportation

$2,877 per year

• Transit Pass: $1,741
• Car share: $481
• Regional travel: $547
• Taxi: $108

Social participation 

$7,356 per year

• Books: $66
• Newspaper or magazine subscription: $141
• Occasional social outings: $628
• Gifts: $510
• Home internet: $949
• Streaming services: $373
• Provincial travel: $142
• Domestic travel: $598
• International travel: $1,904

Food & nutrition 

$5,310 per year

• Groceries: $5,052 or $421 per month
• Food preparation supplies: $258

Professional development

$3,198 per year

• Conference: $400
• Certification or license update: $429
• Professional or trade association memberships: $450
• Continuing education or professional development course(s): $1,000
• Software: $79
• Computer upgrade or repairs: $269
• Networking: $571

Healthcare

$2,436 per year

• Extended health coverage: $2,056
• Over-the-counter drugs and other health products: $380

Personal care & hygiene

$2,049 per year

• Clothing: $743
• Toiletries: $1,068
• Laundry: $80
• Household cleaning supplies: $158

Physical activity

$603 per year

• Membership with a local recreation centre: $453
• Bicycle maintenance: $150

There you have it! After seeing these costs are you considered “thriving” in Toronto?